Morning News Comments 08/26/2015Finance Committee hosts the director general of the Iraqi Trade Bank and Chairman of Board of Supreme Audit August 26 0.2015 Finance Committee held a meeting on Wednesday, 26/08/2015, headed by MP Ahmad Chalabi, Chairman of the Committee and in the presence of ladies and gentlemen members. The meeting was hosted by Ms. Hamdiya dry Director General of the Trade Bank of Iraq and the President of the Board of Supreme Audit each separately to discuss a number of topics concerning the work of the bank and the Court.
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Also it hosted the meeting after that gentlemen's central bank governor and directors of money laundering offices in the Central Bank and the Financial Inspection Office and the intelligence service to discuss the money-laundering operations. Meanwhile, the meeting of the Islamic Banking Act discussed in order to submit it to a vote and see the report submitted by the MP Suad Hamid on the law, as well as discussion of the draft book of movable and immovable property of the former regime and submitted by the MP Magda Tamimi in order to submit it for the second reading Law Report.http://www.parliament.iq/details.aspx?id=49614&Alw [tlm724] yesterday we had this [tlm724] Urgent .. House of Representatives end the first reading of a law to combat money laundering and terrorist financing History of edits:: 2015/8/25 13:32 A reporter and Euphrates News Agency {} "The parliament ended the first reading of the law against money laundering and the financing of terrorism," [tlm724] which is awesome and today we have this [tlm724] Also it hosted the meeting after that gentlemen's central bank governor and directors of money laundering offices in the Central Bank and the Financial Inspection Office and the intelligence service to discuss the money-laundering operations [tlm724] yesterday the first read today the to follow up for the anti-money laundering law, real quick like a bunny ! I love how this is shaping up [tlm724] throw in the Islamic Banking Act discussed in order to submit it to a vote and the investment law too ! [tlm724] I am very pleased with how things are progressing ~~~Maliki's coalition calls for "accountability" those responsible for the "flood the market and currency manipulators" [tlm724] this is a significant opinion piece . Let me explain. He is reffering to "dumping" following up flood the market by other countries file and holding accountable those who stand behind it," He also suggests legislation to legally go after anyone who purposely manipulates the auction, ie: falsifies documents to obtain dollars , traders who manipulate the street price etc... " stressed the importance of monitoring banking transactions and "manipulation" auction process, as called for the judiciary to "Proposal to enable them to warrior corruption and the corrupt more effectively legislation ", [tlm724] let me show you the important part of dumping, here is a great explanation for Investopedia:DEFINITION of 'Dumping' In international trade, the export by a country or company of a product at a price that is lower in the foreign market than the price charged in the domestic market. As dumping usually involves substantial export volumes of the product, it often has the effect of endangering the financial viability of manufacturers or producers of the product in the importing nation.INVESTOPEDIA EXPLAINS 'Dumping' While the World Trade Organization reserves judgment on whether dumping is unfair competition, most nations profess to be against the practice. Dumping is legal under World Trade Organization rules unless the foreign country can reliably show the negative effects of the exporting firm on the domestic producers.

In order to counter dumping, most nations use tariffs and quotas to protect their domestic industry from the negative effects of predatory pricing. In an increasingly global economy, consumers in a nation that has been the target of dumping activity may have few qualms about consuming products that have been dumped, as long as they are of comparable quality to local merchandise but are priced much lower.

Over time, dumping may have a negative impact on the local economy by driving domestic producers out of business, which would result in job losses and a higher rate of unemployment.http://www.investopedia.com/terms/d/dumping.asp#ixzz3jv4cCR5E [tlm724] this is very important for Iraq, dumping has had a tremendous effect on their economy and as they move forward with the free market economy it must be addressed. They have to start producing and eventaully reach the point of exporting products other than oil.

The WTO is watching and waiting for them to impose the tariffs. Quote "In order to counter dumping, most nations use tariffs and quotas to protect their domestic industry from the negative effects of predatory pricing".

So much is riding on PM Abadi's reform plan ! Corruption touched every single aspect of Iraq and this guy is right, these things must be corrected ASAP and done so legallly ! I think Abadi's plan came just in the nick of time Wink ~~~Parliamentary Finance calls for the central bank to activate the control and take action "deterrent" [tlm724] The economist said, on behalf of Anton in an interview for the "long" that "a lot of banks reluctant today to pay depositors the rights of citizens of their money has, expressing his regret for what he has reached those banks from a low level of corruption and non-compliance with the instructions and laws, attributing it to poor follow-up and monitoring of by the central bank. [tlm724] he is saying hey it's the CBI's responsibility to protect the peoples money and the people don't want to deposit their money, I wouldn't either if it wasn't protected ! [tlm724] "parliamentary finance committee and confirmed in (19 March 2015) that the task of maintaining the deposits of citizens in banks, especially the civil, are from the CBI functions, noting that bound the Commission to support the banks in Iraq. [tlm724] It showed the time Some people today are reluctant to deposit their money in banks, whether civil or government due to lack of confidence in them, because of a past event or happening right now in a number of banks, which have affected the reputation of other banks, but this does not mean that the banking cabin in Iraq is good or untrustworthy. " , pointing out that "a large number of Iraqi private banks actively participated in building Iraq's economy and supported the development plans." [tlm724] a few rotten apples have spoiled the bunch and that has been devastating for the good banks, you can't have a thriving banking industry without money going through the system ! [tlm724] She added that "instil confidence among citizens about Iraqi banks as well as for maintaining the financial deposits is one of the central bank, which today is trying to push Protection Act tasks bank deposits to the Council of Ministers and then to the House of Representatives for its own legislation, as well as that his mission is to monitor banks and ways of dealing with its customers depositors a task imposed on him to maintain depositors' money. [tlm724] today is trying to push Protection Act tasks bank deposits to the Council of Ministers and then to the House of Representatives for its own legislation [tlm724] push that protection act hard Iraq because without it your banking system will fail ! It is similar to our FDIC .

Abadi: Federal Court did not issue its decision on the appeal submitted by the Minister of Electricity [tlm724] Note this is the MP for the National Alliance Zaher al-Abadi not the PM [tlm724] the committee in charge of questioning the Minister of Electricity and set a date for another session of interrogation which is next Saturday, [tlm724] if he doesn't show up to be questioned he will be voted out [tlm724] and I read last night where Jubouri said there is no legal recourse for him. it is the prerogative of the House to question him and he will go down one way or the other ! ~~~Jubouri adviser calls for the application of rapid economic reforms with the continuing decline in oil [tlm724] Representatives for Energy, Ali Fayad, Wednesday adviser, to conduct rapid economic reforms against the backdrop of warnings and fears of lower global oil prices. [tlm724] all the world market point to a potential decline in the selling price of oil below 30 or $ 20 per barrel, [tlm724] Suspect good Lord I hope not [tlm724] these prices would hurt the country dramatically [tlm724] ya think [tlm724] the government today obliged to go to compress expenditure and management of tax collection law and reconsider system of taxes [tlm724] and determined according to the price set under the law that accompanies that work to hold the facilities in the field of investments the right investment climate and to create in terms of providing comprehensive services to investors in accordance with the Investment Law as working to promote economic growth and diversify sources of income. [tlm724] once again their backs are against the wall and that is very good for us, at least now they are taking action !
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The central bank lends to banks 23 trillion dinars to support small and medium enterprises

[tlm724] "The central bank allocated trillion dinars for the purpose of supporting small and medium enterprises in the country

[tlm724] thats a great start Wink and goes along nicely with what we talked about re: dumping

[tlm724] this project will support the private industrial sector and reduce the unemployment rate and also reduce the imports of goods consumed

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The Minister of Finance is meeting with industrial and agricultural real estate and banks in the Ministry of Finance Managers

Wednesday 26 August 2015

Held Finance Minister Hoshyar Zebari on August 26, 2015, at the headquarters of the Office of the ministry held a meeting with directors of both industrial and agricultural and Real Estate Bank, to discuss the benefit of the Central Bank loan of five trillion to banks mentioned to support economic activity and job opportunities for citizens and young people.

The Minister stressed during the meeting the need to make the most of this loan in the sectors covered so that reflected positively on the wheel of the Iraqi economy in encouraging the private sector and national labor.

The Minister urged the managers of the banks concerned the completion of administrative and financial procedures required, and the process of drafting all programs in their respective fields to ensure fast access to the money of citizens and small and medium-sized and large projects.